Pacific Basin's market presentation on the dry bulk market in mid-April in Vancouver was well received by a packed house of local industry stakeholders. Morten Ingebrigtsen, Director, Asset Management, Pacific Basin Shipping (Germany), provided a historical overview of the market, highlighting a 45-year cycle and noting that every downturn had been followed by recovery and expected the same for present conditions. The presentation included insights that identified the factors impacting on today's market as well as a comprehensive review of capacity and fleet trends. Ingebrigtsen summarized his presentation noting the following: For the time being there are more negatives than positives (freight rates are low); Many of the negatives are related to China; Reducing growth rate for dry bulk imports as the Chinese economy matures in terms of resource intensity; Negative shifts related to excess production capacity – especially for major bulks iron ore and coal; The dry bulk industry is in painful process of adjusting to this new reality and the current miserable market is both a symptom of such adjustment as well as a seed for recovery; China will continue to be, by far, the most important driver for dry bulk demand even if the growth rate is reduced compared to the last 15 years; On the positive side - the steady reduction of the shipbuilding orderbook overhang will during 2017 reach record low levels and this is a good basis for recovery; Low vessel secondhand prices is acting as a discouragement for new ordering; Low freight markets will ensure that a high level of scrapping continues and this takes us closer to the a meaningful recovery. The following photos were taken during the reception prior to the presentation.